Henry Hub Horizons
The five-year storage average stopped describing the system you're trading in.
The most-cited number in weekly gas commentary stopped describing the system it's supposed to evaluate. What replaces the 5-year storage average.
Henry Hub Horizons
Weeks-to-multi-quarter structural commentary on the US natural gas market. Built on a structural mechanic — capacity buildout, marginal-producer economics, demand-side shift, policy-as-price-band transmission — and defensible at source level on every load-bearing claim.
Henry Hub Horizons
LNG Canada pulls west, not south. The Henry Hub signal is the Phase 2 FID, not the plant.
A new Pacific export sink looks Henry Hub bullish. The gas is additive Montney supply, the signal is Western Canadian, and the lever is a pending FID.
Henry Hub Horizons
Both policy levers are muted. The Henry Hub band is wider than the policy-floor framework predicts.
Policy is supposed to bound the Henry Hub band. With both levers idle, the transmission mechanism is muted and the band runs wider than the floor implies.
Henry Hub Horizons
Storage enters summer 144 Bcf above the five-year average. Whether it stays there is a demand-stack question.
Storage enters summer 144 Bcf above the five-year average. EIA says it ends the season above; NGSA says below. The injection season is the referee.
Henry Hub Horizons
Hyperscaler gas demand is moving behind the meter. The dispatch models haven't followed.
Hyperscaler behind-the-meter gas demand is now on the order of 100 GW announced. It pulls gas from the market but not through the dispatch system traders forecast on.
Henry Hub Horizons
The 2026 hurricane outlook is below-normal. The Gulf Coast feedgas footprint isn't.
NOAA's 2026 Atlantic outlook is below-normal. The Gulf Coast LNG footprint is structurally larger than at Hurricane Laura. The asymmetry, explained.
Henry Hub Horizons
EIA cut Henry Hub's 2027 forecast 41 cents in a month. The Haynesville cost stack will tell whether the revision overshot.
EIA cut HH 2027 to $3.18 in May. EIA also says Haynesville must grow +1.6 Bcf/d that year. The Haynesville cost stack will tell whether the revision overshot.
Henry Hub Horizons
Southbound molecules: Mexico's LNG buildout as Henry Hub's off-balance-sheet corridor.
U.S. gas exports run through three LNG corridors now, not one. The third, through Mexico, doesn't show up in U.S. LNG export accounting. The molecules go anyway.
Henry Hub Horizons
Permian relief, Henry Hub risk: when the marginal molecule moves locations.
Today the marginal Permian molecule prices at Waha. After the takeaway wave, it prices at Henry Hub. That migration is the structural story Permian analysis is missing.
Henry Hub Horizons
AI load arrives in one of two Henry Hub regimes. The BTM pipeline sits between them.
AI load makes Henry Hub power burn a two-regime question through 2030. The hinge is where the load clears, and on which side of the meter.